Economic

The Government will ink an agreement today with Japan’s Taisei Corporation to build a multi-level terminal building at the Bandaranaike International Airport (BIA).

අද පෙරවරුවේ අත්හිටවූ කොළඹ කොටස් වෙළඳපොල යළි සක්‍රීය තත්වයට පත්ව තිබෙනවා. ඒ අනුව සාමාන්‍ය පරිදි ගනුදෙනු සිදුවන බවයි වාර්තා වන්නේ.

Sri Lanka Board of Investment (BOI) has failed to attract Foreign Direct Investment in the recent past as the island anion’s investment promotion agency which had been carrying out this task for 28 long years.

Declares 2020 ‘Year of Digital Transactions’, launches ‘Cash Wade’ campaign
Despite 23 m debit cards issued, about 5% used, women even less

Sri Lanka government as the sole authority of Ceylon Petroleum Corporation is now compeled to bring down the prices of fuel as world oil prices were on track for a decline after Saudi Arabia shocked the market by launching a price war against onetime ally Russia.

Necessary regulatory initiatives have been taken by the Central Bank to treat several ailing Non Bank Finance Institutions (NBFI) and infuse new capital, senior Central Bank official revealed.

The ASPI closed in green as a result of price gains in counters such as Sri Lanka Telecom, John Keells Holdings and Commercial Leasing & Finance with the turnover crossing Rs. 428 million, NDB Securities said yesterday.

Sri Lanka Telecom PLC (SLT) concluded the financial year 2019 on a high note, with 28 per cent YoY growth in Profit after Tax (PAT) at Rs. 6.3 billion.

Construction work on major mega projects in Colombo as well as highway projects which employ Chinese workers has come to a standstill since the corona virus outbreak, with Sri Lankan workers refusing to report to work while Chinese workers have been asked to stay indoors, construction industry sources said.

Subway, the American Quick Service Restaurant (QSR) with over 44,000 restaurants worldwide, has announced the launch of its comprehensive national re-franchising programme and entering into partnership with business entrepreneurs in Sri Lanka.

The government has not presented tax amendment bills in parliament and some tax relief initiatives have not been enacted up to now, but the Inland Revenue Department (IRD) is enforcing some of these new amended taxes hoping to get approval from parliament with retrospective effect.

Cash strapped SriLankan Airlines is temporarily suspending its services between Sri Lanka and China from 10th March to 30th April 2020 due to current market conditions driven by significant reduction in worldwide travel to and from China.

Colombo Stock Exchange transactions were trading at a very low level after it halted for half an hour in early trade bemusing investors, stock market analysts said.

Sri Lanka’s finance and leasing sector will face added pressure for consolidation as deadlines for the implementation of tougher capitalisation requirements approach in 2021, Fitch Ratings predicted .

A Pre-election Budgetary Position Report containing information on the fiscal position of the country will have to be published by the ministry in terms of the section 16 (1) of the Fiscal Management (Responsibility) Act No. 2 of 2003 as amended.

Sri Lanka is set to devise and implement a strategy to improve the capability in obtaining formal financial services at a bearable cost to all the individuals and entrepreneurs in the society, Central Bank sources said.

Sri Lanka’s commercial banks have disbursed Rs.120 billion among tourism sector personnel and institutions affected by bomb attacks targeting churches and luxury hotels in Colombo on Easter Sunday last year, a senior Central Bank (CB) official disclosed.

As Sri Lanka braces for the impact of novel coronavirus COVID-19, the Central Bank yesterday said it has adjusted growth to a margin of 3.5-4% from an earlier 3.7-4.5% projection, and called on banks to transfer benefits from the last round of rate cuts to businesses faster, to counter the virus’s impact, which could be felt on a range of sectors.